Members of Generation Y were born after 1980. Millennials grew up with video games and tend to interact over their smart phones. Social media also plays as huge role in the life of a millennial.
"They're very high tech, they sit in their world gaming a lot and don't like authority. They do their own thing," Whitehead says. "They do research on the web. They like challenging work but balanced with having fun. They're more into texting and instant messaging as far as how what forms of communication they like."
Brokers and agents should be prepared to use just about every kind of electronic communications tools they have, including social media, texting, instant messaging and email. Millennials place weight in online comments and messages boards, too.
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"This is agnation that doesn't want to be talked to, this is a generation that wants information and then will come back to you," Sustr says. "They want the pamphlet, they want to go to the website, they want the app and they want to just go out and find it, do it and email questions. Once they've done that they'll come back to talk to you. They'll go out and read comments on websites and look at their Facebook comments and make decisions."
Another thing to keep in mind about millennials is that they may be new to the benefits game. Sustr says one way Obamacare is impacting Generation Y is in the provision that children are allowed to stay on their parent's health plans until age 26.
"We're seeing some enrollees who tell us this is the first time they've ever had to learn about health care benefits because they've always been on their parents insurance," Sustr says.
Also, Navarro adds, many Gen Y workers will have had 6-8 different jobs by the time they're 30.
Across the generations
New information about each generation seems to emerge every day. Most brokers and agents should do their best to stay abreast of all the information about their clients as they can, but it all basically comes down to understanding your audience.
"Be open minded and have the ability to put yourself in your audience's shoes," Sustr says. "Put yourself in their daily routine and see what their world is like. Also, be flexible and creative. I personally like to think I've had success with everyone because of the mix of my clients."
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